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MeaWallet Merchant Tokenization connects merchants, PSPs and acquirers to the Mastercard Digital Enablement Service (MDES), the Visa Token Service (VTS) and the American Express Tokenization Service, so they can benefit from each of the globally interoperable and scalable tokenization platforms through one easy integration.

MeaWallet Merchant Tokenization conforms to the specifications and requirements of each payment scheme and is delivered as a fully hosted service from MeaWallet’s secure PCI-DSS compliant data center.

Tokenization replaces sensitive card credentials, typically stored as card-on-file, with a merchant-specific token. In October 2018, Mastercard announced that it will enable token services on all cards by 2020 to make online transactions simple, seamless and secure.[1]

Mastercard, American Express and Visa have, through their proprietary digital platforms, built tokenization and digitization solutions to support eCommerce merchant transactions. These platforms comply with EMV® Payment Tokenization, which utilizes tokens coupled with transaction cryptograms in order to bring EMV security to card-on-file transactions.

A key benefit of MeaWallet’s Merchant Tokenization is that it enables merchants to ensure its customer’s stored card payment details remain valid throughout the card expiry and reissuance process, without the customer needing to update them manually. This guards against the loss in sales that results from out of date card transactions being automatically declined. In a token-on-file model, the issuer ensures that new cards are automatically mapped to the merchant’s payment token, which removes the need for the customer to update their credentials and thus enhances their buying experience.